Data Analytics Helping Dispensary Owners Increase Revenues

Thus far, we have shown you how big data analysis can save businesses a lot of money by identifying inefficiencies, and driving better decision making. This has been the case for many different industries, ranging from fashion, to insurance, to the medical industry. Now, data is making its way into a new, and growing industry: cannabis.

Check out this podcast from data talk show that discusses how dispensary owners and managers are able to used data analytics to make their businesses more profitable.

In the podcast, they discuss how it can be very similar to “Safeway analytics.” Because in reality, dispensaries are just another retail store. The analytics help determine what products are most popular, thus telling management what products to put at eye level, and how often to re-order to ensure they are constantly stocked on the shelf.

The analytics can also help them save on fixed costs, by reducing labor and staff costs. You might think that Fridays would be the busiest day, so put most of your sales staff on the schedule. But why base such a decision purely on a guess? Dispensary owners can use the data to better determine how many staff members to schedule, and when.